Computerized Money Transfer System and Method

1. A computerized money transfer system implementing a money transfer service for transferring money from a sending entity to at least one receiving entity, the system comprising: a plurality of agent terminals operable by agents of the money transfer service, said agent terminals being interconnected by a communications network; a money transfer control system implemented by a transaction server and connected by the communications network to the plurality of agent terminals to control the implementation of the money transfer service, the money transfer control system including an agent account data store storing account data for each agent, and a transaction data store storing transaction data for transactions by agents implementing money transfers from a sending entity to at least one receiving entity; wherein said agent terminal is adapted to be responsive to data, input by a sending agent instigating a money transfer requested by a sending entity to at least one receiving entity, to transmit the input data to the money transfer control system; wherein the input data identifies the sending and receiving entities, the sending agent, and at least one receiving agent that is to remit the money transferred thereto to the each receiving entity; and wherein the money transfer control system is adapted to record the input data in said transaction data store as a transaction from a sending agent to at least one receiving agent for a sending entity and at least one receiving entity, and to update the agent account data in the agent account data store for the sending and receiving agents; wherein the transaction server comprises a web-based service implemented by a web server and providing web page interfaces to web browsers on the plurality of agent terminals, wherein the web server in the transaction server comprises a code in a code store for generating an appropriate web page, wherein the appropriate web page provides an interface to a database containing the data in each of the data stores, wherein the interface includes at least one of a transaction interface and an entity enquiry interface, wherein the transaction interface is configured to interface to a transaction processing module having a code implemented within the web server, and wherein the entity enquiry interface performs enquiry functions via an exchange rate processor implemented by the web server, a transaction monitoring device configured to (i) monitor transactions (ii) send a request for further information from the sending entity to the agent terminal operated by the sending agent if the transaction fits a predetermined criteria, (iii) receive the further information from the agent terminal, and (iv) associate the further information with the transaction in the transaction data store; a first transaction controller configured to one of approve and block the transaction on the basis of a predetermined criteria generated when transaction record is compared with sending agent data and regulatory data, wherein the first transaction controller, based on the predetermined criteria, generates a web page requesting additional transaction data from the sending entity, and receive the additional transaction data, wherein if the received additional transaction data matches the predetermined criteria, then the first transaction controller blocks the money transfer.

2. A computerized money transfer system according to claim 1 , wherein the money transfer requested is from a sending currency to a receiving currency, said money transfer control system includes an exchange rate data store storing exchange rate data, said agents account data store stores account data for each agent in a local currency for the agent, and said money transfer control system is adapted to use the exchange rate data in said exchange rate data store to convert currency values for transactions to determine an amount in the receiving currency based on an amount in the sending currency, to store the amounts as part of the transaction stored in said transaction data store, and to update the agent account data in the agent account data store for the agents in the local currencies based on the exchange rate data.

3. A computerized money transfer system according to claim 1 , wherein said money transfer control system includes a second transaction controller configured to control the transaction by comparing the transaction to predetermined criteria.

4. A computerized money transfer system according to claim 3 , wherein said second transaction is configured to (i) control the transaction by comparing the transaction to money laundering compliance regulatory data representing money laundering compliance regulations, and (ii) block the transaction if the comparison determines that the transaction contravenes the money laundering compliance regulations.

5. A computerized money transfer system according to claim 1 , wherein said money transfer control system includes a third transaction controller configured to control the transaction by reference to the transaction and account data in said account data store for the sending agent.

6. A computerized money transfer system according to claim 1 , wherein said money transfer control system includes an interface device configured to allow agents operating agent terminals to be registered as a master agent and other agents to be registered as sub agents, and is adapted to link the account data in the account data store for the sub agents to the master agent.

7. A computerized money transfer system according to claim 6 , wherein at least one agent terminal operated by an agent registered as a master agent includes a domain money transfer controller configured to control the implementation of the money transfer service between agents in a set of agent terminals operated by agents registered as sub agents of the master agent, and said at least one agent terminal including a domain agent account data store configured to store account data for the set of agents, and a domain transaction data store configured to store transaction data for transactions between agents in the set of agents.

8. A computerized money transfer system according to claim 1 , wherein said money transfer control system is adapted to receive input data from an agent terminal identifying a sending entity and a plurality of receiving entities, and to store transaction data in the transaction data store as a single sending transaction indexed for the sending entity and as a plurality of receiving transactions indexed for each receiving entity.

9. A computerized money transfer system according to claim 1 , wherein said money transfer control system is adapted to receive input data from an agent terminal identifying a sending entity, a sending agent, a plurality of receiving entities and a plurality of receiving agents, and to store transaction data in the transaction data store as a single sending transaction indexed for the sending agent and as a plurality of receiving transactions indexed for each receiving agent.

10. A computerized money transfer system according to claim 1 , wherein browsers on each of the plurality of agent terminals communicate with said money transfer control system.

11. A computerized money transfer system according to claim 1 , wherein said money transfer control system includes an administration interface device to allow agents to access respective agent account data in said agent account data store and transaction data in said transaction data store.

12. A computerized money transfer system according to claim 1 , wherein said money transfer control system includes account netting off determinator for allowing agents to determine a nett off of their accounts in the accounts data store against any other agent.

13. A computerized money transfer system according to claim 1 , wherein at least one agent terminal includes a sending entity recognition device for automatically inputting data identifying a sending entity.

14. A computerized money transfer control system implemented by a transaction server for connection to a plurality of terminals over a communications network to control the implementation of a money transfer service and to transfer money from a sender to a plurality of receivers, said terminals being interconnected by the communications network and being operable to instigate a money transfer from a sender to a plurality of receivers, the system comprising: a transaction data store configured to store transaction data for transactions implementing money transfers from a sender to the receivers; a receiving device configured to receive data from a terminal to instigate a money transfer from a sender to a plurality of receivers, wherein the received data identifies the sender and receiver; and a transaction processor including a comparator and configured to record the received data in said transaction data store as a transaction from a sender to the plurality of receivers, to apportion the transaction to each said receiver, and to send data identifying the apportionment for respective receiver to at least one terminal to enable the completion of the money transfer to the respective receiver, wherein the transaction processor is configured to one of approve and block the transaction on the basis of a predetermined criteria generated with the transaction record is compared with sending agent data and regulatory data, wherein the transaction processor comprises a web-based service implemented by a web server and providing web page interfaces to web browsers on the plurality of agent terminals, wherein the web server in the transaction processor comprises a code in a code store for generating an appropriate web page, wherein the appropriate web page provides an interface to a database containing the data in each of the data stores, wherein the interface includes at least one of a transaction interface and an entity enquiry interface, wherein the transaction interface is configured to interface to a transaction processing module having a code implemented within the web server, and wherein the entity enquiry interface performs enquiry functions via an exchange rate processor implemented by the web server, wherein the comparator is configured to compare the received additional transaction data with the predetermined criteria, and if the received additional transaction data matches the predetermined criteria, then the transaction processor blocks the money transfer.

15. A computerized money transfer control system according to claim 14 , wherein said transaction processor is adapted to store the input data as a single transaction indexed by the sender.

16. A computerized money transfer control system according to claim 15 , wherein said receiving device is adapted to receive the input data as data representing a single transaction, and said transaction processor is adapted to store the input data as a plurality of associated transactions associated by the sender and indexed by the receiver.

17. A computerized money transfer control system according to claim 14 , wherein the senders comprise agents of the money transfer system acting on instruction from sending entities, or the senders comprise sending entities; and the receivers comprise agents of the money transfer system empowered to remit the transferred money to the receiving entities, or the receivers comprise receiving entities.